June 26, 2020
Missouri Agricultural and Small Business Development Authority Accepting Applications for Rural Small Business Improvement
The Missouri Agricultural and Small Business Development Authority (MASBDA) is currently accepting applications for two programs aimed at rural small business improvement, specifically meat processors across the state.
“At a time when Missouri’s economy is recovering from COVID-19, our board members and staff are proud to offer programs that help the Missouri families running these small businesses,” said MASBDA Executive Director Jill Wood. “Our meat processors are critical to our farmers, ranchers and small communities. It’s vital that we have facilities to process Missouri’s agricultural goods.”
Agricultural businesses in towns with populations under 50,000 may be eligible to receive funds from the Missouri Agribusiness Revolving Loan Fund, which can be used to start, acquire, operate or expand an agribusiness. Qualifying agribusinesses may include value-added agriculture enterprises, agriculture support businesses, marketers or retailers of agricultural products, and businesses with emerging agricultural technology. Due to COVID-19, MASBDA is currently offering a fixed interest rate of 4%.
The loan fund will finance 75% of a project cost if it is in a first lien position with a maximum loan of $112,500. If the project is in a second lien position, the loan fund will finance 50% of the project with a maximum loan of $75,000.
The Meat Processing Facility Investment Tax Credit Program is also available to qualifying meat processors interested in modernizing or expanding their facilities. The program is designed to stimulate investment in the meat processing industry in Missouri. The tax credit amount is 25% of the modernization or expansion costs, with a maximum of $75,000 per year.
Additional program details and applications can be found on MASBDA’s website. For more information, please contact the Missouri Agricultural and Small Business Development Authority by phone at (573) 751-2129 or by email at email@example.com.